Fastnet Line asks County Council for more funds

Following a period of examinership, the company which operates the Cork-Swansea Ferry, Fastnet Line Ship Holdings Ltd (owned by the West Cork Tourism Co-operative Society Ltd) and related companies are seeking support of the Cork County Council to fund the continued operation of the Cork Swansea ferry service.

The period of examinership is coming to a conclusion and the examiner Mr. Michael McAteer will shortly present a Scheme of Arrangement to the High Court for approval

Cork County Council will consider a proposal for funding support from the company at a special meeting on Monday next.

A proposal by Fastnet Line Ship Holdings Ltd to refinance the company is being presented to the three local authorities – Cork County Council, Cork City Council and Kerry County Council. Together with other funding partners this will enable the relaunch of the service for 2012.

The service has carried over 153,000 passengers since its launch in March 2010 and provides a vital link for visitors from the UK to the SW region, estimated to be worth €40 million. The service also carried €65 million worth of freight during that period.

“As tourism has been identified as a key national and regional job creation objective, the sustaining of this service is a key priority for the region,” Cork County Manager, Mr Martin Riordan said.

Cllr Tim Lombard, Mayor of the County of Cork said, “This service provides a vital link between the southern region of Ireland & Britain. It is the only Ferry link that we have from Cork to the UK. It has carried over 153,000 passengers to this region since March 2010 which has made a significant contribution to our tourist industry. Our economic recovery depends on key industries like the tourism industry and it is vital that we maintain this important link.”